What is Li.Fi? Single-bridge Li.Fi Multi-chain cross-chain aggregates Bridges, DEXs and DEX aggregators to support fast, cheap and secure asset swaps. So what’s different about Li.Fi compared to current bridges? Let’s find out with Weakhand.
To better understand Li.Fi, please read more about the articles below:
- What is Celer Network (CELR)? Celer Network Cryptocurrency Overview
- Bridges: Design, Trade-offs, and Opportunities
- What is Across Protocol (ACX)? Overview of Cryptocurrencies Across Protocol
What is Li.Fi?
Overview of Li.Fi
Li.Fi is a DEX Aggregator protocol and cross-chain solution. Through Li.Fi’s smart contract, the protocol will select the best Bridge/DEX for the cheapest, fastest and safest asset transaction route.
Up to now, the Li.Fi protocol has built a product suite that is a combination of:
- 20 DEX: Uniswap, SushiSwap, Multichain, OpenOcean, Dodo, 1 inch, BeamSwap,…
- 10 cross-chain solutions: Hop Protocol, Multichain, Hyphen, Amarok, Stargate, Across, Celer Bridge,
- 17 different blockchains: Ethereum, Polygon, BNB Chain, Gnosis, Fantom, OKX Chain, Avalanche, Arbitrum, Optimismm, Moonbeam,…
Convenient features include:
- Supports all chains, bridges and exchanges supported by LI.FI SDK
- Three embeddable variants – standard, expandable and layered
- Ability to allow or deny certain chains, tokens, bridges, and exchanges
- Preview the swap route even before connecting the wallet
- View ongoing swaps and swap history (stored locally)
- Advanced settings
- User interface
- Theme customization
The Li.Fi difference
Li.Fi acts as a bridge to help users transfer assets from one chain to another.
Li.Fi integrates additional DEXs and DEX Aggregators on both sides of the bridge, so it is possible to swap to necessary coins/tokens before and after the bridge, helping users swap many types of assets on different chains. Specifically:
- Integrate multiple DEXs, DEX Aggregators into one interface.
- Combine multiple Bridges into the same interface.
- Li.Fi has built a data grid of cross-chain liquidity sources: cross-chain liquidity networks, bridges, DEXs, bridges, and lending protocols.
- Build a set of smart contracts that find the most efficient way to swap and connect tokens with simple operations.
- Li.Fi provides a solution to help users conduct transactions without having to go through any external bridge.
- Li.Fi helps users easily swap coins/tokens cross-chain without needing too much knowledge about cross-chain transactions.
- Li.Fi makes it possible for dapps to communicate across chains and allows users to mortgage, borrow, and repay their loans on different chains.
Development Roadmap
Updating
Core Team
Philipp Zentner: CEO & Founder
- In 2014, Philipp received a Bachelor’s degree in Computer Science from the University of Passau.
- From 2008 – 2011: CEO, Founder of CUSSIT social network platform. Also from 2010 – 2011, Philipp was the CTO for a global monetary asset auction website.
- Philipp is the CEO & Founder of the social feedback platform STOMT based in Berlin, Germany.
- Philipp is Co-Founder of the Nucleostream project, which is a prediction platform in immuno-oncology in 2020.
- From May 2021 to present, Philipp is the CEO & Founder of Li.Fi protocol.
Max Klenk: CTO
- Max earned a Bachelor of Science degree in Internet Computing from Passu University. During his studies, he received a scholarship from the German National Foundation and studied abroad for a semester at the University. Fullerton graduated with a Bachelor of Science, major in Computer Science.
- In 2020, Max graduated with a Master of Science, major in IT System Engineering from the Institute Hasso Plattner in Potsdam, Germany.
- Max used to be an intern at KEMWEB GmbH & Co. KG – specializes in Developing Web and iOS applications.
- Max worked as a software programmer at ONE LOGIC GmbH during the period 2014 – 2016.
- After that, Max continued to work as CTO & Co-Founder of the social feedback platform STOMT based in Berlin, Germany.
- From 2021 until now Max is CTO of Li.Fi protocol.
Investor
- July 11, 2022: Li.Fi successfully raised $5.5M in Stragetic round led by 1kx with participation from Dragonfly Capital, Lattice Capital, Scalar Capital, 6th Man Ventures, Coinbase Ventures and decentralized autonomous organizations BairesDAO and AngelDAO.
- Li.Fi is also supported by many OG Crypto such as Andre Cronje, Bankless, Jason Choi, Anton Bukov,…
- On April 4, 2023 Li.Fi continued to successfully raise $17.5M Series A round co-led by CoinFund and Superscrypt, also including Bloccelerate, L1 Digital, Circle, Factor, Perridon, Theta Capital, Three Point Capital and Abra, bringing the total mobilization to $23M.
Tokenomics
Updating
Li.Fi Project Information Channel
- Website: https://li.fi/
- Twitter: https://twitter.com/lifiprotocol
- Discord: https://discord.gg/lifi
- Medium: https://blog.li.fi/
- Telegram:
Summary
Hopefully this article provides readers more about the Li.Fi project. Currently Li.Fi does not have a token, this is also an opportunity for users participating in Retroactive to receive Airdrop in the future.